India an island of calm in ocean of turmoil: Rajan

Mumbai: Stating that Indian economy is doing "quite well" when advanced countries are struggling to grow, RBI Governor Raghuram Rajan on Friday termed India as an "island of relative calm in an ocean of turmoil".

"If we look around the world today, it does not present a pretty picture. Industrial countries are still struggling, with a few exceptions, to grow... India appears to be an island of relative calm in an ocean of turmoil," he said, while delivering the fourth CK Prahlad memorial lecture here.

He further said even fellow emerging countries that make the BRICS, including Brazil, China, Russia and South Africa, are struggling with "deep problems".

"The world is a difficult place. Let us recognise we are doing quite well, not great, (but) quite well in comparison," said Rajan, who has often been critical with his assessment of the state of the economy.

The fall in GDP growth rate to 7 percent in the June quarter had raised question marks over the credibility of the economic revival and highlighted the need to do more on the reforms front to push the growth rate to the targeted 8 percent level for the current fiscal.